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Bitcoin Sinks 24% on Profit-Taking as Bears Attempt to Breach $10,000

CryptocurrencyJun 27, 2019 02:30PM ET
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Investing.com - Bitcoin retreated sharply from multi-month highs on Thursday as traders appeared to take profits on the recent surge in the popular currency.

Bitcoin fell 23.70% to $10,928 from a session high of $13,422.

The sharp fall in bitcoin served as a stark reminder of the violent swings prevalent in the crypto market, which many have long pointed to as one of the key characteristics that limits adoption of the popular crypto as a form of payment.

Crypto watchers struggled to pin down a reason for the slump, but some suggested that traders were locking profits given bitcoin's more-than-30% rally over the past week.

"Whales profit taking. Healthy pullback, even though overly volatile. Unsurprising given the prior 22% daily run higher,” economist and trader Alex Kruger told CCN.

The sharp downturn in Bitcoin was met with buying pressure around the key $10,000 level, raising hopes that a successful defense of the level may keep the bears at bay.

Still, the 14% decline in bitcoin’s market cap, often used to gauge demand, to $193 billion in just 24 hours, suggests fresh fund inflows are needed to mount another charge higher,

Other cryptos, meanwhile, followed bitcoin lower. XRP fell 3.8% to $0.40843, Ethereum slumped 20% to $294.19 and Litecoin plunged 16% to $117.30.

Bitcoin Sinks 24% on Profit-Taking as Bears Attempt to Breach $10,000
 

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Comments (3)
Forty Two
FortyTwo Jun 27, 2019 2:53PM ET
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Speculation bubble with no proved use or stability as "currency". Crypto memes are traded like penny stocks, pumping and dumping to the next sucker. First in first out are the only ones who win, new money has no where to go.
Michael bostic
Michael bostic Jun 27, 2019 2:43PM ET
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glad I got out at 12,000
Erik Osinga
Erik Osinga Jun 27, 2019 2:41PM ET
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Don't ltc its a useless little brother of btc, only a nice slogan, no code innovation, no development only copy past from the bitcoin.If you want at a competitor to bitcoins digital gold, say Dash digital cash (highly undervalued compared to it competitors ltc and bch)
 
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